UK leads marine insurance premiums

The UK has the lion’s share of the world’s marine insurance premiums and ship brokerage transactions at 35% and 26% respectively, according to the UK government.

It is also home to leading maritime regulatory and governance bodies such as the International Maritime Organization and the International Association of Classification Societies.

From the UK government perspective, this intersection, along with the UK government’s global leadership on climate change, uniquely positions the UK as a global broker, forging the consensus needed to address the investment gap at the heart of of maritime decarbonization.

Global ambition has yet to translate into major investment or financing decisions. So the UK government believes the UK should use its central role in convening global regulators and global shipping companies to find ways to reinstate traditional shipping business models.

Achieving this consensus means sustained engagement among global regulators and global companies to overhaul traditional and often siled maritime business models.

For this reason, the British government believes that it should take advantage of this commitment to position British solutions with a wide range, ranging from innovation to professional services.

Marine insurance

Parallel to decarbonization, there are significant challenges to maintaining healthy and productive oceans.

Approximately 3 billion people depend on the ocean for their food security and livelihoods, with developing countries being particularly dependent.

The ocean faces serious and growing threats from overexploitation, pollution, biodiversity loss, and climate change.

The UK Blue Planet Fund represents a major step forward in tackling ocean degradation and promoting sustainable growth.48 Alongside Official Development Assistance, trade interventions can play an important role in supporting the ocean environment, from detailed measures in free trade agreements to Financing access to cutting-edge British technologies through UK Export Finance.

Tackling emerging environmental challenges early, such as deep sea mining, can enhance the positive role of trade and ensure that UK technologies and services that enable sustainable growth are well positioned.

As with decarbonisation, the UK can play an important brokering role in driving global investment in initiatives that support the Blue Planet Fund’s objectives on marine biodiversity and livelihoods.